Nepal seeks enhanced collaboration with the international trade centre for LDC graduation preparation

June 26, 2024, 04:21:39 PM |

GENEVA: Nepal’s Permanent Representative (ambassador) to the United Nations and the World Trade Organization (WTO) Ram Prasad Subedi, called for a strengthened partnership with the International Trade Centre (ITC).

Addressing the 58th session of the ITC’s Joint Advisory Group in Geneva on Tuesday, the Nepali envoy Subedi emphasized the importance of the ITC’s support in implementing Nepal’s Trade Integration Strategy (NTIS) and its journey towards graduating from Least Developed Country (LDC) status. Subedi also highlighted the need for continued technical assistance in the pashmina and coffee sectors, which hold significant export potential.

Ambassador Subedi highlighted the country’s wish to enhance cooperation with the Geneva-based International Trade Centre (ITC) while addressing the 58th session of the ITC’s Joint Advisory Group.

Subedi appreciated the support from the international community and expressed Nepal’s interest in collaborating with the ITC on high-growth sectors like medicinal and aromatic plants, IT, digital services, and tourism. He underscored the importance of technology transfer, market intelligence, and capacity building for Nepali businesses to compete effectively in the global market.

“Nepal looks forward to working in close partnership with the ITC to empower our businesses to thrive in international markets,” Subedi stated. He further stressed the significance of promoting sustainable trade practices, crucial for job creation, economic growth, and poverty reduction in Nepal.

The ambassador also commended the ITC’s efforts in supporting both Nepal’s public and private sectors in preparation for LDC graduation. The support includes negotiating preferential trade schemes like GSP/GSP+ with the EU, diversifying exports to new markets, and maximizing benefits from existing preferential trade schemes.

He also shed light on the formation of the Nepal Trade Facilitation Committee, a governmental body addressing trade facilitation issues, and the promotion of Nepal’s Chyangra Pashmina under the EU-Nepal Trade and Investment Programme, as examples of successful collaboration.

The 58th session of the ITC Joint Advisory Group featured prominent figures, including WTO Director-General Ngozi Okonjo-Iweala, UNCTAD Secretary-General Rebeca Grynspan, and ITC Executive Director Pamela Coke-Hamilton.

Fiscal Nepal |

Wednesday June 26, 2024, 04:21:39 PM |